July 1, 2014

CFTC Staff Extends Time-Limited, No-Action Relief for Swap Dealers and Major Swap Participants from Compliance with Reporting Obligations

Washington, DC — The U.S. Commodity Futures Trading Commission’s (Commission) Division of Market Oversight (Division) recently issued a no-action letter extending until June 30, 2015 the relief previously provided in no-action letter 13-34, expiring on June 30, 2014. The relief is provided to Swap Dealers (SDs) and Major Swap Participants (MSPs) from the obligation to report valuation data for cleared swaps as required by Section 45.4(b)(2)(ii) of the Commission’s regulations.

The no-action letter provides that the Division will not recommend that the Commission take enforcement action against a SD or MSP for failure of such SD or MSP to comply with the requirements of regulation 45.4(b)(2)(ii) to report valuation data. The no-action relief applies to all SDs and MSPs that are reporting counterparties under regulation 45.8, for the purposes of regulation 45.4(b)(2)(ii), and all cleared swaps for which the SD or MSP has the obligation to report valuation data under regulation 45.4(b)(2)(ii).

Last Updated: July 1, 2014